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Ground X forms business alliance to expand NFT use in real life

By Lim Chang-won Posted : July 21, 2022, 15:51 Updated : July 21, 2022, 15:51

[Courtesy of Kakao]


SEOUL -- Ground X, the blockchain service wing of South Korean web service giant Kakao, has established a business alliance to expand the use of n non-fungible tokens (NFTs) in real life such as online and offline communities and stores.

Some 50 companies are involved in the NFT alliance called "GRID" which is aimed at establishing a corporate collaboration model in the fields of distribution, entertainment and finance. Ground X pledged full support so that companies can efficiently plan, execute, and operate NFT-based services. 

"Many companies are using NFT, but there are many cases where project planning, as well as issuance and operation support through marketplaces, are needed, and there was a limit to being applied to real-life services," Ground X CEO Yang Joo-il said in a statement on July 21. "We will play a central role in the alliance to build a win-win NFT ecosystem and create business success stories that can provide innovative experiences to consumers."

Blockchain is a decentralized service that shares replicated and synchronized data geographically spread across multiple servers operated by countries or organizations. Each virtual ledger works as a verification tool, making it almost impossible to hack or manipulate. NFT can represent a unique digital file such as art, audio, video, and an item in video games. It is authenticated using a blockchain platform and provides proof of ownership.

Group X would provide services and infrastructure that enable NFT membership through its digital wallet, Klip, and holder authentication through QR codes. Klip is available for users without updating smartphone messenger apps and allows users to send and receive digital money through simple steps by touching the smartphone's display.

Ground X has developed blockchain products that enable individuals and companies to issue and trade digital assets over blockchain, focusing on practicality for a popularized blockchain-based service to create applications that can actually be used by ordinary users. Its digital wallet features high-level security and high processing speed, based on user interface and user experience.  

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